Istanbul’s Grand Bazaar holds first ever board election

The first election in the Grand Bazaars 560 year old history was held over the weekend.

The tourist hot spot has now has a new president and board. The election came amid heated discussion over renovating the facility.

A study by the Eva Real Estate Valuation Consultancy revealed that the Grand Bazaar is the “most valuable spot” in Istanbul, with rent worth estimated to be $3,500 per month (per square meter).

“The Grand Bazaar is one of the most characteristic and oldest bazaars of the world,” Eva CEO Cansel Turgut Yazıcı stated.

The Grand Bazaar has always been very popular for centuries, so the rents there are much higher than the rents in other districts,”

Ahmet Kökler of the gold company AGG Altın Group won the election with 928 votes, beating his sole rival, another gold businessman, Ali Nezih Yargılı.

The Grand Bazaar (Kapalı Çarşı) is one of the largest and oldest covered markets in the world with over 3600 stores all under one roof. The bazaar has between 250,000 to 400,000 visitors every day making it one of the worlds busiest shopping locations.